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Next week, the Senate banking committee will hear from seven regulatory officials on their progress in instituting Dodd-Frank Act rules. Elisse Walter, chairman of the Securities and Exchange Commission; Gary Gensler, chairman of the Commodity Futures Trading Commission; and Richard Cordray, director of the Consumer Financial Protection Bureau, are among those scheduled to testify.

Related Summaries

Gary Gensler, chairman of the Commodity Futures Trading Commission, is scheduled to meet with European regulators June 20 in Montreal. Gensler, who is pushing to apply U.S. derivatives rules to foreign-based banks, maintains that not applying U.S. standards globally would undo the Dodd-Frank Act financial overhaul.

The Securities and Exchange Commission lacks the resources needed to fully implement the Dodd-Frank Act, Chairman Elisse Walter is expected to tell the Senate banking committee today. "If the SEC does not receive additional resources, I believe that many of the issues to which the Dodd-Frank Act is directed will not be adequately addressed," Walter is to say, according to prepared remarks.

Next week, the Senate banking committee will hear from seven regulatory officials on their progress in instituting Dodd-Frank Act rules. Elisse Walter, chairman of the Securities and Exchange Commission; Gary Gensler, chairman of the Commodity Futures Trading Commission; and Richard Cordray, director of the Consumer Financial Protection Bureau are among those scheduled to testify. Learn more at SIFMA’s Dodd Frank-Rulemaking Resource Center.

The Obama administration's effort to extend an olive branch to the U.S. Chamber of Commerce regarding the Dodd-Frank Act has fallen flat. Gary Gensler, chairman of the Commodity Futures Trading Commission; Richard Cordray, director of the Consumer Financial Protection Bureau; and other officials appeared at a Chamber summit to discuss capital markets. Participants criticized the Volcker rule, efforts to supervise "too big to fail" financial institutions and other measures. Lawsuits challenging the Dodd-Frank Act are likely, according to Politico.

Elisse Walter, a member of the Securities and Exchange Commission, said the agency will return to work on the 12b-1 fees this summer. "Every dollar collected in 12b-1 fees is a dollar deducted from a fund's return," Walter said. Currently, the SEC is focused on writing rules mandated by the Dodd-Frank Act.